Business travel is no longer a once a month occurrence for most Managers and Directors.
In fact, many can be away as five times or more in the average month, making it even more important to find economies wherever possible—especially when planning currency purchases as a PA. With years of experience both as a business traveller and in the travel industry itself, International Currency Exchange (ICE) CEO Koko Sarkari knows a few tricks that can help keep costs down when travelling, and has shared five ways PAs can be more cost efficient when purchasing travel money for business trips.
Weigh up your options
With hundreds of currency providers available, you will never be short of choice, so ensuring you shop around to get the best deal is essential. Be sure you weigh up your options—does the person travelling need a convenient store location or do you need to take advantage of the best deals available online? If the business trip is short notice and you don’t have time to get online currency delivered, most foreign exchange (FX) providers offer a Click & Collect service, meaning business travellers can take advantage of online rates with the convenience of collecting in-store or at the airport, where exchange rates can often be a lot higher.
Get a buyback guarantee
If you intend to purchase more travel money than you think might be needed to cover any unexpected business expenses, then purchasing a ‘buyback guarantee’ will ensure you are covered should the rates change during the trip. You will then be able to return any excess currency at the same rate you bought it for, but be aware that a few foreign currency exchange providers will charge you for this service.
Keep an eye on the exchange rates
If you have a few weeks to prepare before the trip, keep an eye on rates so you can see how volatile they are with the foreign exchange provider you are considering using. That way you’ll know if you need to snap up a good deal straight away, or can take a more laid back approach. It’s also best to be aware of the potential for overnight rate changes. If you want a specific rate guaranteed, make sure you order the same day that you’ve spotted the deal. Does your boss often travel within a specific currency zone, or have several trips to one place coming up? Take advantage when rates are good and you could make valuable savings.
Keep your company’s money safe
To ensure maximum safety for your company’s money, be sure to check how long a provider has been operating. Companies that have been dealing in foreign exchange for longer are much more likely to have security and customer service policies in place that will help you resolve any problems, should they come up. This is especially important if you are transferring money abroad or using a currency card.
Don’t rely on just one payment method
Remember, whilst the exchange rate may be forecast to drop, it might also improve while you are away. This is why a ‘split purse’ approach, making the most of both foreign currency notes and a credit or debit card, can be so useful. Ensuring cards are used to pay for purchases when rates are good, and cash when bad, will ensure the best exchange rate while abroad. Advising business travellers of which is better for a specific trip will also go down well.
To find out more about International Currency Exchange’s latest foreign currency offers, go to: https://www.iceplc.com/deals-and-offers/foreign-exchange-offers
